CMA adopts changes to guidance on duty to refer mergers for in-depth investigation   The Competition and Markets Authority (CMA) has adopted revised guidance on the exceptions to the duty to refer mergers for in-depth Phase 2 investigations. The revisions concern the exception for markets of insufficient importance (de minimis) to justify a reference. The key changes are that: 1.        There is now a single, increased threshold for the application of the de minimis exception. The CMA will generally consider the market(s) concerned to be of sufficient importance to justify a reference (such that the exception will not be applied) where the aggregate annual value in the UK of the market(s) concerned is more than £30 million. 2.        The application of the de minimis exception is no longer contingent on there being no clear-cut undertakings in lieu of a reference available. The new guidance is largely unchanged from the draft version on which the CMA consulted in November 2023. The new guidance will apply to all new merger cases from 25 April 2024. This includes all cases where a Phase 1 investigation has not formally been launched on 25 April 2024. https://assets.publishing.service.gov.uk/media/662a432d55e1582b6ca7e5e7/Exceptions_to_the_duty_to_refer_-_guidance.pdf

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